Reporting entities that want to stop reporting under the Payment Times Reporting Scheme must apply to the Regulator.
Reasons to cease reporting
An entity will cease to be a reporting entity if the Regulator is satisfied that one of the following applies:
- Their total annual income was below $100 million in each of the 2 most recent income years.
- They're a controlling corporation or member of a controlling corporation’s group with a combined total annual group income below $100 million in each of the 2 most recent income years.
- They're a volunteer that no longer wants to report.
Apply to cease reporting
If you're a reporting entity that wants to stop reporting, apply to the Regulator through the reporting portal.
You'll need to give the reason and date that you want to cease reporting. You'll also need to provide supporting documentation including:
- your latest lodged tax returns
- advice from an independent and suitably qualified auditor about your entity’s total income
- evidence of a change in business structure if you've ceased to be a constitutionally covered entity.
Approval to cease reporting
The Regulator will assess your application and decide whether you can cease reporting.
The Regulator may reject your application. If they do, you can request a review through an internal review process. If you're not satisfied with this review, you can apply for a review to the Administrative Appeals Tribunal.
When you don't need to apply
You may cease reporting without applying to the Regulator if:
- you're a member of a controlling corporation’s group, and
- for each of the last 2 years, your entity had a total income of less than $10 million.
This is to reduce the regulatory burden of small entities seeking decisions from the Regulator on their reporting status. However, you must notify the Regulator that you're no longer a reporting entity in your final payment times report.